Bihar’s growth momentum continues

Bihar much boasted acclaimed talent pool has been much talked about and appreciated. Over the years we have seen this talent pool migrating in search of greener pastures and better careers. With change of economic environment in Bihar, the reversal of brain drain is apparent and more and more Biharis are willing to relocate to Bihar and fulfill their long held aspirations to run ventures in their own state.

Live mint has covered this trend on the “reversal of Brain Drain in Bihar”. People from various walks of life have started new projects and ventures as Bihar today encourages investment and entrepreneur efforts to bolster the economy.

“Bihar has changed, and opportunities are emerging,” observes Pramath Raj Sinha, founding dean of ISB, and a native of Bihar who is now mentoring ISM. “It’s a shame that people had to leave the state earlier. But if Pune can become an education hub, there is no reason why Patna cannot.”

In recent years, Bihar’s gross domestic product has grown by an annual average of 11%, according to the state’s 2008-09 economic survey—a rate second only to Gujarat, albeit one often questioned by experts. Service sector companies such as banks, telecom, retail and insurance firms have flocked here.

The flourishing businesses of telecom companies such as Reliance Communications Ltd, Bharti Airtel Ltd and Vodafone Essar Ltd, for instance, have opened up jobs for people within the state. According to a 2008 study conducted by the Associated Chambers of Commerce and Industry of India, Bihar registered India’s largest increase in annual telecom subscribers, posting a growth of 88.2% in 2007-08, compared with 51.1% in 2006-07.

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